As the 50-day simple moving average (SMA) converges, the bitcoin price draws a new line in the sand between $35,000 and $35,000. The 50-day SMA is about to collide with Ethereum’s price, which is now trading around the 50% Fibonacci retracement of the March 2020-May 2021 rise around $2,237. After triggering a rising wedge formation on July 1, the price of XRP has slipped into a new trading range of $0.650-$0.740.
With the overall strong recovery in cryptocurrencies, the XRP price was also blessed this weekend. The majors, such as Bitcoin and Ethereum, achieved substantial increases, then sentiment swung with profit-taking, wiping out the weekend gains.
The Cardano price was one of the victims of the cryptocurrency sell-off that inundated markets on Monday morning. During the weekend, big names like Bitcoin and Ethereum trended higher, but they all matched gains and sought support around Friday’s levels./n
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